Bristol-Myers Squibb (NYSE:BMY) reported first-quarter results on Thursday that exceeded analyst forecasts, while maintaining its guidance for the full year.
Earnings per share came in at $1.58, ahead of the $1.42 consensus estimate.
Revenue totaled $11.49 billion, surpassing expectations of $10.92 billion and marking a 3% increase year-over-year, or 1% growth excluding currency effects.
The company’s Growth Portfolio generated $6.2 billion in revenue, up 12% (or 9% on a constant-currency basis), supported by strong performance from Camzyos, Breyanzi, and Reblozyl.
In contrast, the Legacy Portfolio recorded $5.3 billion in revenue, down 6%, as generic competition continued to pressure most products in that segment. While demand for Eliquis improved, it was not sufficient to offset broader declines.
“We are off to a good start in 2026, with first quarter results reflecting sustained momentum across our Growth Portfolio and disciplined execution throughout the business,” said CEO Christopher Boerner.
“With multiple pivotal data readouts and opportunities ahead, we remain focused on advancing our differentiated pipeline and translating this progress into meaningful outcomes for patients and shareholders.”
Regionally, U.S. revenue declined 1% to $7.8 billion, while international revenue rose 11% to $3.7 billion, or 4% on a constant-currency basis.
Adjusted gross margin narrowed to 70.3%, down from 73.1% a year earlier, primarily due to an unfavorable product mix.
Bristol Myers reaffirmed its full-year 2026 outlook, guiding for EPS of $6.05 to $6.35 compared with the $6.26 consensus estimate, and revenue in the range of $46 billion to $47.5 billion versus the $47.12 billion market forecast.